Singing Machine Announces Associate Sponsorship of Paretta Autosport for INDYCAR’s Firestone Grand Prix of Monterey

Paretta Autosport Welcomes Worldwide Leader in Home Karaoke, Singing Machine, to the Firestone Grand Prix

Fort Lauderdale, FL, Sept. 08, 2022 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. (“Singing Machine” or the “Company”) (NASDAQ: MICS) – the worldwide leader in consumer karaoke products today announced that it will be a sponsor of the No. 16 Paretta Autosport Dallara Chevrolet for the upcoming Firestone Grand Prix of Monterey, on September 9th through September 11th.

Singing Machine was the first to provide karaoke systems for home entertainment in the United States and now offer the industry's widest line of karaoke products. In addition to their Home Karaoke Series and Kids Series, Singing Machine also offers products for use within vehicles. The in-car mics are part of the CARPOOL KARAOKE universe, in partnership with the popular recurring segment on THE LATE LATE SHOW WITH JAMES CORDEN. Paretta Autosport is a technical partner of Ed Carpenter Racing team, a partner of BitNile Holdings, Inc. (BitNile). BitNile is a majority shareholder of Singing Machine.

The NTT INDYCAR Series season finale at WeatherTech Raceway Laguna Seca in Monterey, California, will be the fourth race of 2022 for Paretta Autosport and its driver Simona De Silvestro, a Swiss native nicknamed the “Iron Maiden.” Paretta Autosport is the only woman-owned, woman-driven, and women-forward team in the NTT INDYCAR Series. Continuing the legacy that started at their ground-breaking 2021 Indianapolis 500 effort with a team comprised of more than 65% women, including over-the-wall crew members, the team continues to inspire diverse interest in STEM through racing.

Gary Atkinson, CEO of Singing Machine, commented, “As a consumer product company with karaoke product extensions into the automotive category, we’re thrilled to be partnering with the groundbreaking female-first Paretta Autosport team. Through our CARPOOL KARAOKE product line, we see great synergies to spread the joy of karaoke and music into the automotive space. Further, INDYCAR fans are some of the best in the world and we are excited for the opportunity to introduce our brand in front of tens of thousands of new customers!”

“We are pleased to have Singing Machine come on board as an associate sponsor for the NTT INDYCAR Series season finale,” said Beth Paretta, CEO and team principal of Paretta Autosport. “Adding Singing Machine to the Paretta Autosport team allows us to continue to grow our sponsor base as we look forward to 2023. Not only is Singing Machine a great fit for the automotive community and IndyCar audience but it will add a lot of fun to our events.”

About The Singing Machine

Singing Machine^® is the leading provider of karaoke products to consumers across the world. The Company offers the industry's widest line of at-home and in-car karaoke entertainment products, which allow consumers to find a machine that suits their needs and skill level. The Company’s products are sold in over 25,000 locations worldwide, including at well-known retailers such as Amazon, Costco, Sam’s Club, Target, and Walmart. As the most recognized brand in karaoke, Singing Machine products incorporate the latest technology and provide access to over 100,000 songs for streaming through its mobile app and select WiFi-capable products. To learn more, go to .

Investor Relations Contact:

Brendan Hopkins

(407) 645-5295

About Paretta Autosport

Paretta Autosport is the only women-forward team in INDYCAR history. Launched in 2021, the Team qualified and ran its first race, the 2021 Indianapolis 500. The team operates under the mission of unifying the current generation and inspiring the next. With approximately 65% of the team comprised of women across all roles, Paretta Autosport shines a bright light on diversity and inclusion for all while developing talent to feed the STEM workforce pipeline well beyond motorsports.

At Paretta Autosport, the competitive spirit drives us. We work hard and always strive for better: for ourselves, for our team, and for others. For more information on our team and our initiatives visit .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "may", "could", "expects", "projects," "intends", "plans", "believes", "predicts", "anticipates", "hopes", "estimates" and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon several assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the Company's control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the risk factors described in the Company's filings with the Securities and Exchange Commission. The forward-looking statements are applicable only as of the date on which they are made, and the Company does not assume any obligation to update any forward-looking statements.